The Loss of Loved Ones

51 Comments / Uncategorized / By

Families left behind by the passing of a loved one go through a whirlwind of emotions. They are engulfed by a strong feeling of sadness followed by confusion when it comes to knowing that many legal and financial matters should be handled. 

Grieving over the loss of a loved one takes a lot of time; however legal matters must be properly managed so that assets are distributed to the rightful heirs. 

Probate and Its Purpose

Probate is the process of administering the estate of the decedent. It is where the property of the deceased is passed on to the rightful heirs and beneficiaries. All of this is supervised by a probate court. 

Probate can be an intimidating process. The feeling of bewilderment is normal. However, having experienced legal counsel to guide you throughout the process will make you feel at ease. If you are the personal representative or executor designated by the decedent himself in his or her will and/or appointed by the court, you will work with legal counsel in the administration of the estate. 

The Probate Process

The process includes but is not limited to some of the duties listed below that the Personal Representative/Executor will manage along with legal counsel: 

Petition the Court 

You need to file a petition at the probate court to begin the administration. There are two types of administration: formal and summary. 

Notify Parties With Related Interests 

Such parties include creditors, beneficiaries, and heirs. They hold an interest in the estate and can file a claim against it. That is why they need to be notified by directly notifying them and through a publication. 

Collect the Assets   

This step is the reason why securing the property early is essential. This is to make sure that all of the assets of the decedent are properly accounted for and maintained. You need to make an inventory of all assets to be filed with the court. 

Pay Creditors 

Unfortunately, there are still bills due even after the death of our loved ones. That is why, aside from taking note of all of their assets, liabilities should also be accounted for. Such bills are categorized based on their priority. Creditors are also entitled to payment based on priority. 

File Tax Returns

The final income tax return of the decedent needs to be filed. Failure to pay tax on the deadline will incur the estate penalties and interests. However, if you don’t have sufficient information available, you can file for an extension and pay the best estimate later on. It is always best to consult an accountant or tax professional when it comes to taxes. 

Distribution of the Property 

Once you have paid all the necessary administrative expenses, taxes, and creditors, you can then distribute the remaining assets to the heirs and any legatees in the order designated by statute. 

File a Final Account

A detailed account must be filed to the probate court unless waived by all parties. It includes the list of all tax filling, payments of bills, and the distribution of the assets. After the court approves the account, you may distribute the remaining funds to the authorized persons who have the right to the claims. 

Conclusion

The probate process can be tedious but is an important process that the ones left behind should process as soon as possible. This is not an easy conversation but one that should be addressed in advance for it to be beneficial to everyone in your family.  Hence, the importance of estate planning which can eliminate the need for probate or at the very least simplify the process. Contact us to discuss your estate plan. 

51 thoughts on “The Loss of Loved Ones”

  1. qweqtttt

    My brother suggested I might like this blog He was totally right This post actually made my day You can not imagine simply how much time I had spent for this info Thanks

    Reply
  2. pilllow

    Hello Neat post Theres an issue together with your site in internet explorer would check this IE still is the marketplace chief and a large element of other folks will leave out your magnificent writing due to this problem

    Reply
  4. pillow

    Hello Neat post Theres an issue together with your site in internet explorer would check this IE still is the marketplace chief and a large element of other folks will leave out your magnificent writing due to this problem

    Reply
  5. pillow

    I do believe all the ideas youve presented for your post They are really convincing and will certainly work Nonetheless the posts are too short for novices May just you please lengthen them a little from subsequent time Thanks for the post

    Reply
  6. tvbrackets

    I just could not leave your web site before suggesting that I really enjoyed the standard information a person supply to your visitors Is gonna be again steadily in order to check up on new posts

    Reply
  7. 8171ehsaasnews.

    Thank you I have just been searching for information approximately this topic for a while and yours is the best I have found out so far However what in regards to the bottom line Are you certain concerning the supply

    Reply
  8. tivimatepremium

    Simply desire to say your article is as surprising The clearness in your post is simply excellent and i could assume you are an expert on this subject Fine with your permission let me to grab your feed to keep up to date with forthcoming post Thanks a million and please carry on the gratifying work

    Reply
  12. kingymab

    Hi my family member I want to say that this post is awesome nice written and come with approximately all significant infos I would like to peer extra posts like this

    Reply
  16. tecktimes

    Hi i think that i saw you visited my web site thus i came to Return the favore Im attempting to find things to enhance my siteI suppose its ok to use a few of your ideas

    Reply
  19. streameastweb

    Simply desire to say your article is as surprising The clearness in your post is simply excellent and i could assume you are an expert on this subject Fine with your permission let me to grab your feed to keep up to date with forthcoming post Thanks a million and please carry on the gratifying work

    Reply
  21. best iptv smarter

    I have been browsing online more than three hours today yet I never found any interesting article like yours It is pretty worth enough for me In my view if all website owners and bloggers made good content as you did the internet will be a lot more useful than ever before

    Reply
  22. wiresuk

    Simply wish to say your article is as amazing The clearness in your post is just nice and i could assume youre an expert on this subject Well with your permission let me to grab your feed to keep updated with forthcoming post Thanks a million and please carry on the gratifying work

    Reply
  25. orionservice

    Its like you read my mind You appear to know a lot about this like you wrote the book in it or something I think that you could do with some pics to drive the message home a little bit but instead of that this is fantastic blog An excellent read I will certainly be back

    Reply
  26. blogmedia

    Hi Neat post Theres an issue together with your web site in internet explorer may test this IE still is the marketplace chief and a good component of people will pass over your fantastic writing due to this problem

    Reply
  28. insightsway

    I have been browsing online more than three hours today yet I never found any interesting article like yours It is pretty worth enough for me In my view if all website owners and bloggers made good content as you did the internet will be a lot more useful than ever before

    Reply
  30. magzineusa

    My brother suggested I might like this blog He was totally right This post actually made my day You can not imagine simply how much time I had spent for this info Thanks

    Reply
  33. Blood Sugar

    Ive read several just right stuff here Certainly price bookmarking for revisiting I wonder how a lot effort you place to create this kind of great informative website.

    Reply
  34. hazirpakistan

    I loved as much as youll receive carried out right here The sketch is tasteful your authored material stylish nonetheless you command get bought an nervousness over that you wish be delivering the following unwell unquestionably come more formerly again since exactly the same nearly a lot often inside case you shield this hike

    Reply
  35. soapertv

    I just could not leave your web site before suggesting that I really enjoyed the standard information a person supply to your visitors Is gonna be again steadily in order to check up on new posts

    Reply
  36. top888casino

    Fantastic beat I would like to apprentice while you amend your web site how could i subscribe for a blog site The account helped me a acceptable deal I had been a little bit acquainted of this your broadcast offered bright clear concept

    Reply
  42. thefriskys

    I am not sure where youre getting your info but good topic I needs to spend some time learning much more or understanding more Thanks for magnificent info I was looking for this information for my mission

    Reply
  43. BaddieHub

    BaddieHub You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

    Reply
  45. twinklecrest

    I loved as much as youll receive carried out right here The sketch is attractive your authored material stylish nonetheless you command get bought an nervousness over that you wish be delivering the following unwell unquestionably come more formerly again as exactly the same nearly a lot often inside case you shield this hike

    Reply
  46. twinklecrest

    hiI like your writing so much share we be in contact more approximately your article on AOL I need a specialist in this area to resolve my problem Maybe that is you Looking ahead to see you

    Reply

Leave a Comment

Your email address will not be published. Required fields are marked *

The owner of this website has made a commitment to accessibility and inclusion, please report any problems that you encounter using the contact form on this website. This site uses the WP ADA Compliance Check plugin to enhance accessibility.